In my opinion, if founders are going to define equity as "equal" or "50/50", they should draft clear expectations, job descriptions, the compensation, and accountability for obtaining the strategic initiatives of the company. Without these, bitterness and resentment can set in, and the work load become unevenly carried by one partner. If compensation is included, for example, salary and bonuses upon achievement there should be clear expectation of accountability between founders, especially if one is going to take less compensation.

I do believe that knowing someone to a depth of knowing if being a founder/partner to make a company successful is a high risk. Executing agreements with provisions for an exit strategy is key. Also, the planning phase is key, you really can learn about someone during this critical phase. You may find out that taking a key executive role can be valuable without putting everything on the line. Accountability and clear expectations are two of the most valuable ingredients to a successful partnership, I believe.